Q1FY18 revenue and margin was marred by destocking, inventory loss and lower contribution from value added products. Capacity addition of 20KT-25KT every year, higher export contribution due to entry in new geographies and new product launches in fittings and film segment would continue to drive robust growth. Company guided for 12% sales growth in FY18 (~19% in 9MFY18) and EBITDA margin of 15%-15.5%. We are cutting FY18 EPS by 7% while keeping FY19 numbers largely unchanged. Therefore, we are slightly cutting our TP to Rs1,190. Maintain ACCUMULATE....